Mr Downes continued: “The original account was earning 1 pence in interest every month.
“I moved to Halifax because they had Electron and I could pay in stores with my card instead of taking money out of banks all the time.”
Since then, he has changed at least once a year and does the same with credit card companies, transferring his balance to take advantage of new member offers.
Although he never had a problem with the switch, he warns others that it may have a slight impact on his credit rating.
The entrepreneur explained, “At first, my credit rating was going down because I had too many bank accounts and credit cards.
“I ended up solving this problem by closing the ones I wasn’t using and sticking to one at a time”
Another man, Will Hatton, 33, who lives in Exeter, says he has also made thousands of dollars being a “serial switch”.
He told Express.co.uk it’s not just about the money, advising people to assess what’s important, from the interest rate available to customer service.
Kevin Mountford, savings expert and co-founder of Raisin UK said: “If you switch bank accounts, you’ll find that loyalty often doesn’t pay off.
“In fact, it’s the opposite!
“Banks want to attract new customers, so naturally new entrants are likely to get the best deals.
“While you may be tempted to stay with your account for life, often because you don’t want to have to search for a new account, researching new banking opportunities will give you much better long-term returns.”
